El-Erian: Cheap-Money Baggage May Weigh on U.S. Markets
Mohamed El-Erian warns that U.S. stocks and the economy are carrying 'baggage' from years of cheap money that could limit future gains, as the era of ultra-low rates fades, the Fed tightens, and oil-driven inflation bites amid rising geopolitical tensions; he argues investors should dial back risk and focus on relative positioning rather than chasing new highs, noting that U.S. exceptionalism may struggle as geo-economics become more challenging.